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Abercrombie & Kent hails $500 million funding boost
Abercrombie & Kent Travel Group just announced a major financial boost to fuel its continued expansion.
It has bagged $500 million in financing underwritten by Citi.
The funding is part of the ‘One A&K’ strategy, which aims to unify all areas of the business and enhance the end-to-end product experience for consumers.
Abercrombie & Kent will now invest in expanding its owned assets globally.
This will lead to establishing new destination management companies (DMCs) and physical assets such as camps, lodges, and riverboats,
These will come in existing and new markets.
New DMCs are already planned in Mexico and Indonesia this year.
Abercrombie & Kent’s currently has 56 offices in 34 countries.
A new riverboat will launch in Peru next year, joining the company’s current fleet of four riverboats in Egypt, and three expedition yachts in the Galápagos Islands under the Ecoventura brand.
A & K also has 12 camps and lodges in Africa, with a another slated to open next year in Kenya’s Amboseli.
The company is also investing in its back-office systems with a new Abercrombie & Kent global website, centralised booking system and travel advisor portal planned.
Cristina Levis, AKTG CEO said: “Our finance team did a tremendous job in negotiating and securing this transaction in record time. Once again Citi has shown to us that they believe in our vision and in the enormous growth potential.”
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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